The THiNK Blog

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Transformation Through Strategic Resourcing

Nov 30, 2018 10:57:43 AM / by Raymond E. DiDonna posted in Thought Leadership, Insurance, Industry News

 

As much as technology promises to be a boom to the life and health insurance industry, our business is a still very much a people business. While Artificial Intelligence (AI) offers opportunities to streamline our risk management processes and improve the customer experience, the core of what we do is driven by humans handling complex decisions and nuanced interactions.

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The First Step in Digital Transformation: Process Review

Oct 31, 2018 12:48:34 PM / by Raymond E. DiDonna posted in Thought Leadership, Insurance, Industry News

The insurance industry is undergoing rapid digital transformation fueled by the average consumer’s desire/willingness to engage online. In a study released by EY Global, 80% of customers said they were willing to use digital and remote channel options for different tasks and transactions.

Digitization has the potential to dramatically increase customer engagement at a lower price point – both perennial challenges for the industry. It also has the potential to improve the underwriting process, leading to a better overall customer experience. Nevertheless, digital transformation requires more than simply applying technologies to current processes.

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Client Driven - What Does It Really Mean?

May 3, 2017 9:00:00 AM / by Miguel Ceron posted in LOGiQ3 Culture, Insurance, Thought Leadership, LOGiQ3, Outsourcing, Industry News

Client Driven, a buzzword that gets tossed around in any industry, yet can be interpreted in many ways. Our organization is no exception, in fact, it is one of our company’s 11 Maxims. In my experience, how this is interpreted depends greatly on the type of business you’re running (product vs. service, B2B, B2C, etc.). Each of these business models may have different approaches when it comes to how they incorporate Client Driven behaviour into their organization’s offerings. Regardless of which category your organization falls into, its important to discover what being client driven means to you.

Here are some questions to guide your thinking.

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2017 Insurance Industry Resolution Predictions

Jan 6, 2017 2:28:26 PM / by Megan Gardner posted in Insurance, Reinsurance, Innovation, Social Media

Now that you are back into the swing of things at work you’ve probably overheard or even talked to colleagues about New Year’s Resolutions. Maybe you want to read more books, go to the gym more, dedicate time for a digital detox? You’ve thought about resolutions for your personal life but what about at work?

Aside from perhaps being more organized or clearing out your inbox, have you considered what you hope to achieve as a business or even industry? I was curious to find out what this might look like for the insurance industry. What will its resolutions be for a successful New Year? I went on a mission to find out.

How? You might ask. I looked at our top performing blog topics in 2016 – and there were a few that our readers really sank their teeth into. I figured since these were top of mind in 2016, the industry might be looking to implement strategies around them in the new year. Find out my predictions below.

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5 Key Factors to Consider When Building Strategic Partnerships

Dec 9, 2016 1:59:16 PM / by Miguel Ceron posted in Insurance, Reinsurance

Partnerships exist in all aspects of our lives - whether they are in our personal relationships (spouses, friends, personal networks) or professional lives (colleagues, professional networks). In all cases – partnerships are meant to enhance current state of both parties and provide peace of mind, knowing you have a trusted partner to aid in specific aspects of your life.

Let’s consider this in a corporate B2B scenario, partnerships should be mutually beneficial in a way that allows both parties to improve their overall service or offering through a shared commitment to a common goal.

These commonalities should extend beyond (but do still include) simple things like “ways to increase profit” or “growing your client base”. Now, you might be asking…

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4 Reasons Millennials Should Seek Careers in Insurance

Dec 2, 2016 1:45:53 PM / by Megan Gardner posted in Insurance, Millennials

Do you remember what you wanted to be when you were growing up? As a millennial, growing up in the digital age, I can tell you that finding a career in insurance was certainly not at the top of my list. And I know I’m not alone. But here I am! The more I learn about the industry, the more I find myself spreading the benefits of a career in the insurance industry to my millennial peers. Let me give you some background…

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3 Inbound Marketing Trends the Insurance Industry Can Benefit From Today

Nov 20, 2016 9:00:00 AM / by Megan Gardner posted in Social Media, Insurance

What can an insurance professional like you learn from a conference dedicated to the inbound marketing movement? Well for starters, "the inbound methodology is the most effective marketing method for doing business online" - HubSpot. And in today’s digital age – who isn’t online?

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How to Leverage LinkedIn to Become a More Successful Insurance Professional

Nov 4, 2016 2:11:45 PM / by Nick Joly posted in Insurance, Innovation, Social Media

Did you know that the insurance and reinsurance sectors are among the industries with the lowest personal interest rates of social media users? Yet there are so many ways for insurance professionals to benefit and profit from being active users across a variety of social platforms! From finding exciting career opportunities to building a network of connections and getting involved in important industry discussions – just to name a few. Earlier this year I shared 10 Reasons why Insurance Professionals Should Be on Social Media, and while those reasons all hold true, a social media ‘disparity’ still exists in the life insurance industry.

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Artificial Intelligence Impact on Insurance

Oct 28, 2016 8:00:00 AM / by Max Kraus posted in Innovation, Insurance, Reinsurance, Life Insurance

Did you know that tweets could soon be used to help insurers price premiums? That’s right! Insurance companies are looking into ways to combine social media data with artificial intelligence and predictive modeling to inform coverage among other aspects of insurance programs. Or at least that is what Paul Lucas of Insurance Business Magazine explained in his recent article!

As someone new to insurance, reading about innovative ideas such as this gets me excited for the future of the industry. I mean, it really seems like the opportunities are endless! I had a similar ‘awe-inspired’ experience after recently hearing insights from The Insurance Disrupted Conference.

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Didn’t Think You’d End Up in Insurance? You’re Not Alone!

Oct 26, 2016 9:34:08 AM / by Miguel Ceron posted in Underwriting, Insurance, E-Learning / Training

There is an old joke in our industry that nobody actually grows up planning to be in insurance, you sort of just fall into it. While it may not be true ALL of the time, it is definitely a recurring theme among many of my industry peers – including myself.

For me, insurance was somewhat of a family business that I had a lot of exposure to growing up. After studying business, I decided that insurance was a logical step for me because I was familiar with the field. That was almost 10 years ago, and I have been building and enjoying my career in the insurance industry ever since.  

Many of our veterans within the life insurance industry are retiring and many more are expected to follow suit in the coming years.

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